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EU Finance Ministers ratified Ireland's support plan worth 85 billion
euros in their meeting in Brussels on Tuesday. Ireland rescue package
includes strict terms, such as spending cuts and tax hikes but leaves
low business tax which is considered a key factor to boost investments
and stimulate recovery. Irish plan was agreed 9 days ago and allows
Ireland a period of 4 years till 2015 to reduce deficit by 3%. The
Irish Parliament will hold a debate on the draft budget including
strict austerity measures.

Budget Debate in Irish Parliament

Debate on 2011 state budget opens in the Irish Parliament amid strong
reactions by opposition deputies. The budget introduces the first
package of austerity measures which includes saving about 15 billion
euros in 4 years - huge amount for a country of 4.2 million people
population- to bring 32% deficit of GNP under 3% till 2015.

Many opposition deputies may possibly abstain from voting while there
is also strong reactions within the ruling party raising even question
about confidence vote for the government.